How do you access your Super?

Are you wondering how do you access your Super when you have reached your preservation age and retired?
When you reach your preservation age and have retired, how you access your superannuation can have an impact on how long your super will last.

Some of your options to access your super include:

Start an income stream – A retirement income stream turns your super into regular tax-free income payments. You can change your payment amount at any time, and your money stays invested in your superannuation account so your savings continue to grow.

Withdraw a lump sum – You could choose to alternatively take your superannuation as a lump sum.

You don’t have to take it all at once.  As an example, you could decide to leave some of it in your super account and make withdrawals as you need it. You need to keep in mind that taking a lump sum can have tax and Centrelink implications.  Also, the returns on investments outside super are usually taxable.

Lump sum and income stream – Another option is to take out a lump sum, and then to use the rest of your money to start an income stream pension.  This could suit you if you plan on buying a new home, going on a holiday, or you want to pay off some debt before you start taking a regular income from your super.

To book a complimentary ten minute phone consultation with Cameron Teague, our Certified Financial Planner, click on the link below.